Aimeike 2025 Financial Report: Revenue of 2.453 billion, gross profit margin of 92.7%, high R&D investment builds a cyclical barrier

On the evening of March 19, the leading domestic medical aesthetics company Aimeike (300896.ZH) released its annual report for 2025. Under the multiple pressures of intensified industry reshuffling, fierce price competition, and a slowdown in consumer willingness, Aimeike still delivered a report card with revenue of 2.453 billion yuan and a net profit attributable to shareholders of 1.291 billion yuan. Notably, against the backdrop of intensified price competition in the industry, the company’s gross margin remained robust at a high industry level of 92.7%, highlighting the solid foundation of its core products.

In the face of industry changes, Aimeike has positioned research and innovation as the key to breaking through, continuously increasing its investment in technology. In 2025, its R&D investment reached 360 million yuan, with the proportion of R&D rising to 18.45%, further increasing from the previous year. The R&D pipeline is thriving, with three products under study, including a restructured hyaluronidase and semaglutide injection, obtaining clinical trial approval, and minoxidil lotion successfully approved, marking its official entry into the leading segment of hair and scalp health. By the end of 2025, Aimeike had 12 Class III, 9 Class II medical devices, and 2 drugs, with a total of 210 effective authorized patents, and its solid technological reserves have become the “ballast” in responding to industry competition.

While consolidating its domestic advantages, Aimeike accelerated its global layout. In March 2025, Aimeike completed the acquisition of 85% of South Korea’s REGEN Biotech, Inc., bringing the global sales rights of its two core products, AestheFill and PowerFill, into its portfolio. By the end of the reporting period, the newly added lyophilized powder injection products, which were only consolidated for seven months, quickly contributed over 208 million yuan in operating revenue, demonstrating strong market explosiveness and becoming a new growth point for the company’s performance.

In terms of industrial chain integration, Aimeike continues to extend upstream by acquiring Chengdu Zhongxing Meiyuan to lay out the R&D and production of medical aesthetics raw materials and investing in Shanghai Weimai to enter the medical aesthetics energy equipment field, gradually creating a closed industrial loop from raw materials to end services and forming synergies. At the same time, the company completed a multi-category layout, with the new product “Kela” launched in May 2025, synergizing with “Haitai” and “Rubai Angel” to cover various medical aesthetics application scenarios; in January 2026, the exclusively distributed Type A botulinum toxin was approved, marking the company’s comprehensive layout of three core categories: hyaluronic acid, regenerative materials, and botulinum toxin.

Brand building and refined operations have advanced simultaneously, becoming an important support for the company’s stable market position. Aimeike relies on the “Quanquan Classroom” doctor training platform, having served over 30,000 certified doctors and accumulated more than 2,000 academic resources; it launched the “Quanquan New Media” platform, empowering medical aesthetics institutions and practitioners, and strengthening brand penetration at the terminal. Meanwhile, the company has built three major data centers, promoting the application of digital and AI technologies, forming a closed loop of “data integration - intelligent analysis - business empowerment,” enhancing management and service efficiency.

In 2025, the Chinese medical aesthetics market is undergoing a deep adjustment, with the advancement of compliance and intensified homogenization competition forcing the industry to shift from extensive expansion to meticulous cultivation. As an industry leader, Aimeike relies on a dual drive of “independent research and development + external mergers and acquisitions” to continuously solidify its core competitiveness under short-term performance pressure, gradually achieving a leap from “domestic market leader” to “core participant in the global medical aesthetics industry chain.”

Looking ahead, as the R&D pipeline continues to land, international channels are constantly being opened, and the synergies of multiple categories are further released, Aimeike is expected to accelerate its globalization while consolidating its domestic advantages. With its technological innovation and industrial chain integration capabilities, it aims to navigate industry cycles and lead the medical aesthetics industry toward high-quality development.